The transactions relating to the formation of Blue Company Stores Incorporated, and its first month of operations follow. 3. The firm was organized and the stockholders invested cash of $8,900. 3. The firm borrowed $5,500 from the bank; a short-term note was signed. c. Display cases and other store equipment costing $1,750 were purchased for cash. The original fist price of the equipment was $1,990, but a discount was received because the seller was having a sale. 1. A store location was rented, and $1,550 was paid for the first month's rent. 2. Inventory of $15,500 was purchased: $8,500 cash was paid to the suppliers, and the balance will be paid within 30 days. f. During the first week of operations, merchandise that had cost $4,600 was sold for $5,100 cash. 3. A newspaper ad costing $140 was arranged for; it ran during the second week of the store's operations. The ad will be paid for in the next month. 1. Additional inventory costing $4,200 was purchased; cash of $1,100 was paid, and the balance is due in 30 days. i. In the last three weeks of the first month, sales totaled $15,000, of which $9,800 was sold on account. The cost of the goods sold totaled $9,500. j. Employee wages for the month totaled $1,900; these will be paid during the first week of the next month. k. The firm collected a total of $3,300 from the sales on account recorded in transaction i 1. The firm paid a total of $4,950 of the amount owed to suppliers from transaction e. Required: Prepare the journal entries for each of these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.